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Tom Lee's Fund Analyst: Disagrees with the "Market Has Peaked" Narrative
BlockBeats News, November 2nd, Analyst Mark Newton from Tom Lee's fund expressed disagreement with the current community narrative that "uses technical indicators to argue that cryptocurrency has peaked." His reasons are as follows:
1. The Elliott Wave structure has not shown any signs of a top.
2. Monthly DeMark signals are not yet in place.
3. Sideways consolidation leading to weakened momentum always results in the MACD turning negative. However, in this case, no confirmation wave has started a sharp five-wave decline from the high point, so no definitive conclusion can be drawn.
4. The medium-term trend has not been broken (since 2022, the price has continued to rise, with higher highs).
5. Market sentiment is far from reaching levels that usually signify a meaningful peak in the cryptocurrency market.
It is worth noting that although Mark Newton has made accurate predictions about Ethereum's trend in the past, since September, his optimistic view of Ethereum has been at odds with the actual market trend.
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